I’ve heard it from other landlords for years, and I’ve lived it way too often. The first of the month comes and goes, and your mailbox sits empty. Nothing. Nada. Zero. Zilch. You call, email or text your tenant and either get an excuse or no response at all. Collecting rent can be tough at times.
I’ve eliminated the “no stamp/no envelope” excuse by leaving pre-addressed, pre-stamped envelopes at the end of each month with each of my tenants, along with a tenant letter, including reminders such as seasonal tips, maintenance suggestions and veiled threats. (LOL) Seriously though, the letters are a good way to keep my tenants on their toes and inform them of apartment checks, too.
I recently learned of an efficient way to help my tenants get their rent to me on time. Some banks (Chase is one of them) provide “Deposit Only” cards. I asked for details and found it’s simple for both tenants and landlords. I assign a four-number pin to the card and give it to my tenant. They can go to an ATM and deposit their rent 24/7 by inserting the card, punching in the pin number and inserting the money, which goes directly to my account. (Thus eliminating one more excuse … the “I got off work after the banks closed” excuse.)
Each card has a different set of numbers on the front, so if you have several rentals, you’ll have to take note of which card goes to which rental, but this is a small inconvenience for the huge advantage of receiving rent in a timely manner!
I’m all about shortcuts and time-saving tips. This one is a gem and I thought I’d pass it on. Check with your bank; maybe this little card can save you time and money, and eliminate stress. I’m all about that, too! 🙂